Sila Nanotechnologies secured financing to scale the next-generation of battery materials
Sila Nanotechnologies, the company that develops silicon-dominant anode materials that replaces conventional graphite electrodes (recently also in partnership with BMW), raised $70 million in Series D funding.
The latest investment round was led by Sutter Hill Ventures. Among new investors is the Next47, the Siemens-backed global venture firm, and Amperex Technology Limited (ATL).
Sila Nanotechnologies already raised $125 million since its inception in 2011, and hopefully it will now be able to increase energy density of lithium-ion batteries.
"To hit the future targets of multiple industries, Sila Nano understood that significant advancements in lithium-ion rechargeable battery technology were necessary. The company is focused on developing and now commercializing the next generation of battery materials. Their first products are a family of silicon-dominant anode materials that replace conventional graphite electrodes entirely. Developed for cost-effective production within current cell manufacturing processes, these materials work today and enable high cycle life, ultra-low swelling, and high energy density in next generation battery cells."
Mike Speiser, Managing Director, Sutter Hill Ventures said:
"Changes in battery chemistry are generational, and Sila Nano is bringing the next one to market. Sila has solved the hard scientific and engineering problems and is ready to rapidly scale up manufacturing to meet the enormous demand for better batteries. We back companies that solve big problems that are worth solving, and Sila is a great example of that. Dramatically better batteries will change the landscape of what's possible for the phone in your pocket, the cars on the road, and the entire grid infrastructure."
T.J. Rylander Partner at Next47 said:
"Batteries are a key component in the future of mobility and electrification, but the current technology can't keep up," said . "Future progress in everything from wearables and smart devices to industrial IoT and electric transportation depend on improvements in energy density and cycle life. Sila has demonstrated that they have the right technology and the right team to meet these demands."
Gene Berdichevsky, CEO of Sila Nano said:
"We have spent the past seven years diligently developing critical new materials to improve battery storage capacity. With the chemistry proven we are now moving into a new phase of market application and manufacturing at industry scale. "We are incredibly gratified to be supported by a group of investors from finance and industry who recognize the opportunity, understand the science and share our vision."